Impact tools or wrenches are typically utilized to provide a striking rotational force, or intermittent applications of torque, to a tool element and workpiece (e.g., a fastener) to either tighten or loosen the fastener. Conventional pneumatic impact wrenches include at least two torque settings for rotating the output shaft of the impact wrench in a clockwise or tightening direction to permit the user of the impact wrench to adjust the amount of torque available at the output shaft during use. Such a feature is typically provided by a valve that meters the amount of air entering the air motor, which is directly proportional to the torque output achieved by the air motor.